Vintage 2-Bedroom with Pocket Doors and Parking for $480,000: 559 W. Surf in East Lakeview
This 2-bedroom in the Green Brier at 559 W. Surf in East Lakeview came on the market in October 2023.
Built in 1903, the building has 78 units and parking. Some listings say it is indoor and others say it is outdoors.
In prior chatters, the building had a doorman but it isn’t listed in the HOA on this unit. Did they get rid of door staff or was it wrong in prior chatters?
The only building amenity appears to be a bike room.
This unit has many of its vintage features including pocket doors, crown molding and massive wood moldings (some of which have been painted white).
There’s a vintage fireplace in the living room.
It has a foyer and hardwood floors throughout.
There’s no separate dining room as you would usually see in vintage units but there is a dining space in the kitchen.
The south facing kitchen has two big windows, 42 inch wood cabinets, granite counter tops and stainless steel appliances.
The listing says it has a “unique” second entrance which can be made into a home office space.
The unit has the features buyers look for including central air, a “new” washer/dryer in the unit and a covered, deeded garage spot with a storage locker.
It also has a “newer” hot water heater and furnace and “countless updates.”
This building is in a prime East Lakeview location near Mariano’s, Trader Joe’s, shops, restaurants, Starbucks, the Landmark movie theater and everything else East Lakeview has to offer. There are numerous bus routes nearby.
Listed at $480,000, will the sellers get their price even with mortgage rates nearly at 8%?
Francesco Angileri and Savina Angileri at Coldwell Banker have the listing. See the pictures and floor plan here.
Unit #507: 2 bedrooms, 1.5 baths, 1500 square feet
- Sold in April 1992 for $150,500
- Sold in October 1997 for $187,500
- Sold in November 1999 for $258,000
- Sold in September 2018 for $325,000
- Currently listed at $480,000
- Assessments of $967 a month (includes cable, parking, exterior maintenance, lawn care, scavenger, snow removal, Internet)
- Taxes of $6971
- Central Air
- Washer/dryer in the unit
- Deeded covered garage parking included
- Fireplace
- Bedroom #1: 18×13
- Bedroom #2: 15×14
- Living room: 20×18
- Dining room: 16×8
- Kitchen: 12×10
- Foyer: 7×9
- Laundry: 7×7
Looks like the owners were renting this for $1950 in 20.
I love how 1425 rounds up to 1500
Whats up with the electrical outlet below the toilet?
Overall its a nice place and they didnt put the TV over the fireplace, Having the den is great, better than the typical desk in a Br
But a nicer 2Br (704) is the higherst pirced 2Br thats sold (2021) at $400k and in a world of low 3% rates. This is $100k + $4500/mo, owners are on crack
I like the vintage woodwork and decorative FP in this unit. Floor plan is a bit odd but I think it works. Nice to have parking in this neighborhood, especially enclosed. Also unusual to have in-unit W/D in a vintage. No outdoor space and 1.5 baths are less than ideal, but I don’t think price has to drop much.
Looking it over again and thinking about Johnny’s comment on price considering higher rates and maybe he’s right and this is too high a price. I also failed to notice lack of a real dining space. I guess eating in kitchen is OK but what if you have guests? Lack of amenities is also an issue I overlooked. Would be nice to have an exercise room but that’s a lot to ask in a 130-year old building.
They’ve done nothing to it except take off the bifold doors on the laundry closet–and presumably new laundry machines. Had to bc there is now a cable or water line running into the closet from behind the fridge.
+cpi = $395, +c-s-condo = $383. Take $50k off to get into the ballpark.
Using the ppsf of the ask on the other listed unit (which, imo, is much nicer, even aside from being much bigger):
https://www.redfin.com/IL/Chicago/559-W-Surf-St-60657/unit-400/home/13372089
also indicates $390k.
“Would be nice to have an exercise room but that’s a lot to ask in a 130-year old building.”
It’s extra space that many older buildings don’t have. There’s a huge, modern gym directly across the street.
“But a nicer 2Br (704) is the higherst pirced 2Br thats sold (2021) at $400k and in a world of low 3% rates.”
That’s 2 years ago. Prices are up 10% since then. Redfin gives the estimate on that unit at $428,000. It’s a beautiful unit though. I would have bought it (and it includes the parking.) Shows you what you can do with the kitchen/dining area if you renovate.
That unit is ALSO 1500 square feet, by the way. Lots of big hallways in these units which take up a lot of space.
Again, the rates aren’t mattering in the sale of homes in Chicago right now. Prices aren’t coming down. Inventory remains low. Someone who makes more money will be interested in the subject property. It will be a different buyer, that is all.
The same thing is happening nationwide.
However, what I AM seeing is that things are sitting longer if they aren’t renovated and really nice. For some properties, like this 2-bedroom, you are likely competing with rentals. If I’m buying at these interest rates, I’d better be getting something NICER than what I am renting.
The market is frozen. Sales are going to drop again. Who is looking to buy right now? Can’t be many people. If it were me, I’d wait until the spring buying season when the rates may be lower and/or there is more on the market.
“No outdoor space and 1.5 baths are less than ideal, but I don’t think price has to drop much.”
Few vintage units in larger buildings have outdoor space. There is that “Paris-like” building on Briar, I think, a few blocks away that has back balconies. That is one of the few that has it.
If you want private outdoor space, don’t buy vintage.
But I agree about the baths. I wish there were 2 full baths.
The woodwork is gorgeous in this building. If you bought this unit, would you try and strip it in the living room? Or just paint the rest of it so it matches?
I’m a big fan of painted woodwork. I think it looks much more modern. But these units have really good woodwork. You have to match the paint color to that warm wood tones. No grays or cool tones.
“That’s 2 years ago. Prices are up 10% since then. Redfin gives the estimate on that unit at $428,000. It’s a beautiful unit though. I would have bought it (and it includes the parking.) Shows you what you can do with the kitchen/dining area if you renovate.”
Ok so $440k for a better unit and the subject property is asking $480k. Math isnt your strong suit
“That unit is ALSO 1500 square feet, by the way. Lots of big hallways in these units which take up a lot of space.”
The subject property lists 1425sf on the floor plan, why lie?
“However, what I AM seeing is that things are sitting longer if they aren’t renovated and really nice. For some properties, like this 2-bedroom, you are likely competing with rentals. If I’m buying at these interest rates, I’d better be getting something NICER than what I am renting.”
AKA you’re not buying
“Again, the rates aren’t mattering in the sale of homes in Chicago right now. Prices aren’t coming down. Inventory remains low. Someone who makes more money will be interested in the subject property. It will be a different buyer, that is all.
The same thing is happening nationwide.
The market is frozen. Sales are going to drop again. Who is looking to buy right now? Can’t be many people. If it were me, I’d wait until the spring buying season when the rates may be lower and/or there is more on the market.”
This makes no sense as usual. If the market is frozen AND rates dont matter, whats keeping the market frozen?
Typical BS
“I’m a big fan of painted woodwork.”
Of course you are.
“Whats up with the electrical outlet below the toilet?”
To power a Japanese bidet, perhaps the greatest greatest and most civilized innovation of all time.
I don’t understand a bajillion near identical photos of the living room but not one of the half bath…Did I miss it?
That three bed unit – – #400 – – with the newly renovated kitchen and baths blows the doors in on this unit and provides context to just how overpriced the subject unit is.
Rates don’t matter to cash buyers who have their pick of the best that is on the market right now. I’m in the process of selling my parents place – – SFH in a super desirable area in NY – and we got multiple cash offers well above asking price and with proof of funds. As the old saying goes….cash is indeed king.
We also got several offers that were from buyers who needed a mortgage. One of them was higher than our cash offers but for a variety of reasons I didn’t thing the folks who needed a mortgage were worth the risk / headache of getting to the closing table.
Imagine dropping $100k and spending over $4000/mo to live in an apartment that would have rented for around $2000/mo less than 5 years ago.
Painted woodwork looks SO much better. More people should just paint it. Free yourself from the tyranny of the “you can’t paint woodwork” people. Lol.
“Painted woodwork looks SO much better. More people should just paint it. Free yourself from the tyranny of the “you can’t paint woodwork” people. Lol.”
You’d renovate the St Peters and paint it grey and white, add shiplap,
“Eat, Laugh, Love” artwork and replace the Pietà with a waterfall edged table
“You’d renovate the St Peters and paint it grey and white, add shiplap,”
No one is talking about historic sites. It’s a condo.
“No one is talking about historic sites. It’s a condo.”
That’s not a denial.
Overpriced and the least amount of character I’ve ever seen in this building due to the criminal painted woodwork. Minus 50K for that offense alone.
“I’m a big fan of painted woodwork.”
Probably think Ikea is the epitome of style too.
“Probably think Ikea is the epitome of style too.”
What’s wrong with Scandinavian modern design? Nothing, as far as I can tell. It’s popular the world over.